Irish Bank Resolution Corporation Ltd (in special Liquidation) v Camden Market Holdings Corp and others

Bank – Loan. The Court of Appeal, Civil Division, allowed an appeal, brought by Irish Bank Resolution Corporation Ltd (IBRC), against a judge's order dismissing its application for summary judgment or strike out of a claim brought against it by the Camden Market Group. The claim was for breach of contract in connection with a facilities agreement, under which IBRC had provided a loan of some £195m to members of the Group to purchase and develop properties at Camden Market. The question was whether an implied term was inconsistent with a clause of a restated facilities agreement. The court held that the implied term was a significant restriction of IBRC's power under the restated facilities agreement to deal with its assets and, accordingly, the judge had erred in not reflecting the principle stated in authority that an express and unrestricted power could not, in the ordinary way, be circumscribed by an implied qualification. The court held that the Camden Market Group's case was bad in law and that the Group had no real prospects of succeeding on it. Accordingly, IBRC was granted summary judgment.

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